insurance

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Insurance

Guarding against property loss or damage by making payments in the form of premiums to an insurance company, which pays an agreed-upon sum to the insured in the event of loss.

Insurance

A contract between a client and a provider whereby the client makes monthly payments, called premiums, in exchange for the promise that the provider will pay for certain expenses. For example, if one purchases health insurance, the provider will pay for (some of) the client's medical bills, if any. Likewise in life insurance, the provider will give the client's family a certain amount of money when the client dies. The insurance company spreads the risk of any one expense by pooling the premiums from many clients. See also: Takaful.

insurance

a method of protecting a person or firm against financial loss resulting from damage to, or theft of, personal and business assets (general insurance), and death and injury (life and accident insurance). Insurance may be obtained directly from an INSURANCE COMPANY or through an intermediary such as an INSURANCE BROKER/AGENT. In return for an insurance premium the person or firm obtains insurance cover against financial risks. See ASSURANCE, COST, INSURANCE AND FREIGHT.

insurance

a method of protecting a person or firm against financial loss resulting from damage to, or theft of, personal and business assets (general insurance), and death and injury (life and accident insurance). Insurance may be obtained directly from an INSURANCE COMPANY or through an intermediary such as an INSURANCE BROKER/AGENT. In return for an insurance premium, the person or firm obtains insurance cover against financial risks. The term assurance is frequency used interchangeably with that of insurance to describe certain kinds of life insurance. See RISK AND UNCERTAINTY.

insurance

A commercial contract agreeing to compensate one for loss in the event of specifically named or described risks.

References in periodicals archive ?
To help the public understand the plight of long-term care facilities and the realities of long-term care, facilities and insurance companies alike need to engage in a comprehensive public-education program.
The ideal solution would be to develop a strategy where the insurance companies are profitable and construction firms are able to maintain affordable coverage.
of Georgia and other insurance companies to seek independent representation for their claims.
Leading insurance companies selling this M&A insurance include American International Group Inc., The Hartford and Chubb Corp.
Insurance companies can change terms and conditions throughout the policy life without policy owners understanding the financial impact.
Many insurance companies employ claims management companies and other third parties to manage their customers' claims.
Present arrangements have a short list of clear winners: the lawyers, (who usually get one third of the victim's winnings), the lucky (those hit by someone rich or well insured and clearly at fault), and the insurance companies (who make money regardless).
The finance committee, seeking to placate lobbyists from both the insurance industry and the banking industry, amended the Trust and Loan Companies Act so that banks can own insurance companies, but cannot sell policies.
Although captives are insurance companies, they typically are licensed to do business in only one state, because they typically insure very specific risks or insureds.
The same reinsurance marketplace that is driving up insurance companies' premiums for healthcare facilities will impact the fixed expenses and the capital requirements of captives.
Several of these new correspondent relationships with smaller insurance companies, including StanCorp.
Be sure to check with an independent agent who works with several insurance companies. He or she will be able to compare prices and coverage, since in some cases standalone policies are less expensive and offer better terms and conditions.

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